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Additional Details
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Mrgisa | I have an old friend who has $100K in debt but he cannot pay his bills? |
He owes $100K with his credit card but his wife co-owns a coop apt with his son. Since none of them has the resources to pay the debt, my friend cannot pay any of his bills and he has not paid his payment for 7months now...
Can credit card company or bank go after his wife's coop?
and Can they throw him in jail or sue him?
He is 65 years old and he just started getting paid his social security checks....can they take that away from him? |
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piglet564
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has he ever considering filing for bankruptcy???? |
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bull_rooster_aardvark
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They probably can't go after his wife's property (assuming she is not on the credit card) but I'm not sure about this - maybe they could do this or do this in some states. May be easiest to check this with a lawyer or just transfer the entire title to the son if they don't mind doing that. Anyhow they can't throw him in jail but they can get a judgement againist him and then start to garnish his wages (I assume they can garnish the social security checks - like wages). He may need to declare bankruptcy to have these debts discharged - may be the easiest way to go at this point. |
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Me, Too
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It has always been my belief that a spouse is responsible for a mate's debts, but I don't know about credit card debts. Social Security money can be taken from him, but they may not be able to take all of it.
Bankruptcy would probably be the only answer for him. The trouble is, the bankruptcy laws have changed and writing off big debts with this procedure is usually not possible any longer. However, they will reduce payments and give some time for a person to get their debts under control.
In the political world we live in today, it is time for people to carefully watch their money. Stay out of debt, if possible, and live within your means. Young folks, stay with your parents until it is possible to support yourselves. There is no real way out for people in a bind these days. Once swamped in debt, they are helpless to climb out of this pit. I worry very much about college students who face graduation with high interest loans. |
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I am women
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I know that they can not touch his social security, but did his wife co sign for the credit card, if she did than yes the can go after her. The interest should be very high and because he has not paid in 7 months that a hard pill swallow, he need to get in touch call and try to get his payment lower, but do let them know now that his social security has started, he will try and make payments. |
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Social Security can not be taken for bills owed. I get SSDI and that is how I know that. Tell him to file bankruptcy. There is no shame in it. Sometimes you have to do what you have to do. Just don't put the coop in it. The worst the credit card company will do is turn the bill into the collection agency, like he will have money to pay that. I think bankruptcy is the way to go. Just get it wiped out. Tell him I send him a good luck charm. |
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Tomk
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You can not be put in jail for debts owed. So at least he doesn't have to worry about that.
He needs to declare bankruptcy. Talk with a bankruptcy attorney. |
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mister ed
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what a way to leave this world -- yes they can go after his ss check and should -- he needs to get out and get a job and start paying off his debts and quit worrying about beating the system -- folks like that make it harder on everyone else!!! |
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mom101
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I believe they can only go after his wife's coop if he is living in a communtiy property state, like California. Here, if he can't pay, they go after her.
If not, they can sue him for any property, income, assets, investments he owns. As for the ss checks, I'm not sure. I don't think they can throw him in jail unless he perpetrated some type of fraud.
I would suggest that he contact a bankruptcy attorney asap. It may be his only way to take care of this situation. But what were the reasons why he ran up $100k on his credit cards, especially knowing that he is on a limited income? Is it due to medical? He may have to liquidate his assets even with the BK filing. Tell him to see a reputable attorney, not some guy in yellow pages. It can make a big difference. |
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blousley
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Wow 100k that's quiet a chuck of change. If he is still married to her then yes. In a marriage one persons debt is also the other spouse debt also. Unless they get a garnishment on his money income then no it will not effect his SS. I very much doubt they can throw him in jail over credit card debt. I know the government can throw you in jail if you owe them money. But most of what is going to happen is when he dies the estate will be sold to pay it off the debt and then the remaining debt will be put upon his wife and children.
And tell him not to bother with bankruptcy bc it does not cover credit card debt. Good luck! |
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Entreprenuer Mind
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He should really sit down look at the amount of money he makes and how much his debt is. He really needs a plan to pay off his bills otherwise his debt will continue to grow. He can check out http://www.mymoneytomanage.com . There he can get a strategy on managing, budgeting, saving, and making extra money to pay off his debt. Check it out asap. |
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Justin A
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This guy needs to seriously look into some debt consolidation programs and he needs to contact his credit card company to work out some payment plans with them outside the normal pay cycle. Most credit card companies will work with an individual to help them as long as they are willing to put forth effort to pay them back. As for the social security checks, they cannot touch the actual checks from coming through, but once a check is in his account they can eventually work to freeze all assets. This shouldnt include his wife's coop as long as it is in her name. If he is in this much of a struggle he needs to take some serious consideration to filing personal bankrupcy. There are lots of options he just needs to consult with his credit card company and see what kind of plan he can work out with them..They will also inform him of all things that can happen to him if he does not follow their new payment structure... Tell your friend good luck! |
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